By AP
DETROIT –
General Motors reports a second quarter profit of $1.3 billion in the second quarter. That is a positive reflection of its improving position as it prepares to sell stock to the public. The results were strong enough that CEO Ed Whitacre announced he will step down next month, saying his job was done.
It was the second straight quarterly profit for the Detroit automaker, which made $865 million in the first quarter, and sets the stage for GM to file paperwork soon to start the public stock sale process.
Whitacre said last week that the company is eager to sell shares in an initial public offering so it can end its dependence on the government and pay off $43 billion in bailout funds that were converted into a majority stake in the company. Whitacre wants the company to shed its "Government Motors" moniker because it's hurting sales and the company's image.